Dr. Khalid Al-Ghazzawi, CEO of Bahrain’s Ebdaa Microfinance Company, said his company is a member of the Arab Gulf Development Program (AGFUND) and is actively considering starting operations in the Eastern Province. It was revealed that there was.
The move aims to make the Kingdom of Saudi Arabia the second Gulf country to benefit from microfinance services, following Bahrain, where Ebdar Bank was established in 2009. This expansion will be integrated with the network of institutions and banks under the ‘AGFUND’ umbrella. It currently operates in Sierra Leone as well as eight other Arab countries in Asia and Africa.
Dr. Al-Ghazawi made this announcement during Ebdar Microfinance Company’s participation in the “Forum for Entrepreneurship and Modern Work Patterns” organized by the Social Development Bank of Saudi Arabia. The event was held under the theme “Launching for the Future” and was attended by a large number of senior officials, government officials, experts, academics, consultants and entrepreneurs.
Ebdaa’s prominent presence on the forum is an exclusive invitation from the bank, as the company empowers over 23,000 Bahraini business owners to expertly transform their projects and become shining success stories.
Dr. Al Ghazawi presented the company’s research on setting up operations in the Eastern Province and emphasized the need to obtain approval from regulatory authorities in both Bahrain and Saudi Arabia, including the Central Bank of Bahrain and the Saudi Central Bank. This comprehensive plan covers logistics, operations, training, recruitment and various other aspects and marks the start of a new phase of fundraising activities within the Kingdom. This strategic measure aims to support and empower Saudi youth and entrepreneurs.
“Following the launch of its operations in the Eastern Province, Ebdar envisions further expansion across the Kingdom. This expansion is in response to the growing demand for the company’s financial solutions, products and financial services. Branches in Saudi Arabia The decision to establish SMEs was driven by the proliferation of small and medium-sized enterprises supported by the wise leadership of entrepreneurs and the focus on Saudi youth in the national transformation program initiated by the esteemed Saudi government. According to Dr. Al-Ghazawi,
Dr. Al Ghazawi characterized this step as a milestone in the company’s history and emphasized its strategic importance in strengthening its presence in the region. He introduced advanced, innovative and comprehensive solutions and highlighted efforts to digitize banking services. The company’s confidence in its business model is evident as it pursues sustainable growth and strong performance in every country in which it operates.
Ebdaa’s pavilion at the exhibition held in conjunction with the forum attracted many visitors interested in the company’s high-quality services and products. Participants expressed their admiration for the Arab Gulf Development Program (AGFUND) and its nine partner banks. Visitors also praised the latest solutions offered by Ebdaa in the microfinance field, which are in line with the aspirations of Saudi entrepreneurs. The remarkable efficiency demonstrated in completing loan transactions, quick response to customer requests, and the company’s streamlined procedures were recognized as particularly noteworthy by attendees.
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